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In its 2018 report on trade in Africa published on the 2nd day of its General Assembly, the African Export and Import Bank (Afreximbank) announces the disbursement of $ 25 billion (nearly $ 12,500 billion) of FCfa) for the financing of intra-African trade until 2021.
Afreximbank plans to invest $ 25 billion, or about CFAF 12,500 billion, in the development of intra-African trade, the financial institution reported. its latest annual report, published the day before yesterday, in Abuja, on the occasion of its general meeting. Indeed, the Bank has prioritized intra-African trade, industrialization and export development and business leadership as pillars of its strategic plan, "Impact 2021". In implementation, Afreximbank has opened $ 800 million credit lines at 55 banks across Africa. The financial institution intends to extend these lines to at least 500 African banks by 2021. In order to diversify sources of growth and develop exchanges between African countries, the Bank supports the development of industrial parks and special economic zones in Africa. the region.
Afreximbank is also working with the African Union Commission to support the implementation of the Continental Free Trade Area (Zlec) through a number of strategic initiatives, including the first fair. intra-African trade this year in Cairo, Egypt to connect African buyers and sellers. Added to this is the development of an intra-African payments and trade settlement platform that will facilitate the clearing and settlement of intra-African trade transactions in African currencies; the launch in 2018 of an African customer control benchmark platform to improve access to commerce by reducing compliance costs. The bank also plans to establish a Pan-African Private Sector Trade and Investment Committee to strengthen African private sector participation in trade negotiations and investment policy formulation.
Abdou DIAW, Special Envoy in Abuja (Nigeria)
Promoting Infrastructure in African Trade Financing
Guinea Bissau Economist Paulo Gomes, Former Executive Director of the World Bank for Sub-Saharan Africa urged African states to give a central place to infrastructure in trade finance in Africa. "The continent must make available the necessary financing for its trade, especially to promote infrastructure to support the development of trade," said Gomes. In the same vein, Dr. Caleb Fundanga, Executive Director of the Institute for Macroeconomic and Financial Management for Eastern and Southern Africa, argues that second-tier African banks can contribute to the financing of the continent's business activities. However, it considers it necessary to strengthen their liquidity in order to better meet the funding needs of the players. It is also necessary, in his opinion, to increase the capital of Afreximbank by raising funds on the financial market. "This import-export bank must have enough funds to meet the financing needs of state trading," Fundanga said. He also proposes the establishment of export credit agencies in African countries.
A. DIAW
10.6% INCREASE IN THE VALUE OF AFRICA'S TRADE WITH THE REST OF THE WORLD
In 2017, the value of Africa's trade with the world rose 10.6 percent, from $ 820.76 billion to $ 907.63 billion, in part due to continued bilateral trade with China. This increase, according to Afreximbank, exceeded that of intra-African trade, which rose by 5.6%, from $ 121.51 billion to $ 128.25 billion. This growth can be explained by the rise in world trade, the improvement of African economic growth and the increase in commodity prices. In terms of intra-African trade, they remained largely the same in 2017 as in 2016 with South Africa, Namibia and Nigeria accounting for more than 35% of trade between African countries.
A. DIAW
EMMANUEL AKYEAMPONG, PROFESSOR AT HARVARD: "THE ERA OF COMPARATIVE BENEFITS IS REVOLVED"
Director of the Oppenheimer Faculty of the Center for African Studies at Harvard University United States, Professor Emmanuel Akyeampong made a presentation on the history of trade and finance in Africa during a panel at the General Assembly of Afreximbank. According to him, Africa has always suffered from the effects of fluctuations in commodity prices around the world. He believes that the continent can no longer continue to rely on the principle of comparative advantage. It must, in his opinion, rather focus on the development of its local industries with a focus on manufacturing products in the local market.
A. DIAW
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